BNB / USDT 1D INTERVAL, Support and Resistance
I invite you to view the BNB chart on a one-day interval. In this situation, we can mark a sideways trend channel where we are approaching the lower part of the channel, after the huge increases in 2021. We are in a downtrend locally.
Let's check with the Fib Retracement tool what resistance we should consider in the coming days or weeks. First, the price has to overcome the upper level of $298.5 only then we will be able to move towards the resistance zone from $372 to $430.
However, when it comes to support, we are currently in the support zone, which lasts from $ 266 to $ 230, in a situation where the designated zone does not hold the price, we can fall to around $ 183.5, which is the lower limit of our channel. On the other hand, a lower exit from the channel can mean a huge drop even to around $50.
As you can see on the CHOP index, the energy has been used, also on the RSI we see that we are in a place where the price often changed its direction. However, here it is necessary to observe the behavior of BTC in a situation of very large drops will entail the entire market.
However, it is worth remembering about the constantly appearing negative information related to the Binance exchange, which may negatively affect the BNB price.
Let's check with the Fib Retracement tool what resistance we should consider in the coming days or weeks. First, the price has to overcome the upper level of $298.5 only then we will be able to move towards the resistance zone from $372 to $430.
However, when it comes to support, we are currently in the support zone, which lasts from $ 266 to $ 230, in a situation where the designated zone does not hold the price, we can fall to around $ 183.5, which is the lower limit of our channel. On the other hand, a lower exit from the channel can mean a huge drop even to around $50.
As you can see on the CHOP index, the energy has been used, also on the RSI we see that we are in a place where the price often changed its direction. However, here it is necessary to observe the behavior of BTC in a situation of very large drops will entail the entire market.
However, it is worth remembering about the constantly appearing negative information related to the Binance exchange, which may negatively affect the BNB price.